Well, the PSP gets noticably warm/hot when using WiFi for long periods. Some emulators have temperature readings i.e. 34C. I thought I read a while back that if the PSP gets to 34C you should turn it off and let it cool shortly. I've had my PSP since U.S. launch day and I'm constantly over-clocking it and no problems yet.
I have doubts about this actually working efficiently, but I would not be surprised if over-heating can be a concern. Especially after owning your PSP for 2-3 years.
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